Finance Minister Nirmala Sitharaman has described the target of making India a $30-trillion economy by 2047 as a “conservative” estimate. Emphasizing the significance of Gujarat in driving this growth, she highlighted the state’s impressive 12% Compound Annual Growth Rate (CAGR) between 2011 and 2021, surpassing the national average of 10.4%.
Gujarat’s Key Role in India’s Growth
Sitharaman emphasized Gujarat’s pivotal role in India’s journey towards becoming a developed nation by unveiling the vision document for ‘Vikasit Gujarat at 2047.’ The state’s robust economic growth makes it a cornerstone in achieving the ambitious national economic targets.
Timeline for Economic Milestones
The Finance Minister outlined a timeline, stating that by 2027-28, India is expected to become the world’s third-largest economy with a GDP crossing $5 trillion. She believes that the conservative estimate of reaching $30 trillion by 2047 is achievable, citing the state’s consistent economic advancement.
Cooperative Federalism and Economic Partnership
Sitharaman discussed the shift in the Centre-state relationship since 2014, highlighting the move towards cooperative, competitive, and collaborative federalism. This approach has encouraged states to compete and aspire for growth collectively, fostering a true partnership between the Centre and states.
National Economic Outlook
Addressing the national economic scenario, Sitharaman expressed optimism about India becoming a semiconductor in-house producer and the widespread adoption of electric vehicles. Despite global disruptions, including higher US interest rates, foreign direct investment into India continues to flow in, showcasing the resilience of the Indian economy.
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